Credit Suisse is entrusting a veteran banker with additional tasks. In his new role he will have to empower the bank's trading business in Asia.

Yves-Alain Sommerhalder will assume an additional role at Credit Suisse, the bank announced on Thursday. As head of the newly created Asia Pacific Trading Solutions (ATS) unit, he will be responsible for the trading business there with immediate effect.

The new division in Asia, where Helman Sitohang is in charge of the business as a whole, will ensure closer integration between the trading business and private banking. As Switzerland-based head of the International Trading Solutions Business (ITS), which covers all markets outside the Asia Pacific region, Sommerhalder has already mastered the same task.

Three Bosses

Including his new role, Sommerhalder is now a member of the executive committees of three divisions and has just as many bosses: in addition to Sitohang, these are Iqbal Khan, Head of International Wealth Management, and Brian Chin, Head of the Global Markets trading unit. Sommerhalder will be commuting back and forth between Zurich and Asia in the future.

In recent years, trading has been Credit Suisse's problem child worldwide. The Global Markets division continues to look for a successful long-term strategy, while APAC Markets, the equivalent business in Asia, posted a pre-tax profit of just 7 million Swiss francs on an adjusted basis last year.

Asia Experience

Credit Suisse said that the trading department in Asia made no loss in the first quarter 2019, despite difficult market conditions. In addition to APAC Markets, the APAC Financing Group will also fall under Sommerhalder's responsibility. In this area, financing solutions will be offered to the bank's ultra-rich clients (UHNWI), businesses and entrepreneurs.

Sommerhalder has been with Credit Suisse since 2002, where he held various management positions before CEO Tidjane Thiam took office in 2015. According to his Linkedin profile, he worked in Hong Kong from 2011 to 2013, where he served as Head of UHNW Solutions for the super-rich.